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The cost of participation in horse racing for the $2 - $5 bettor is generally too high. If you bet $50-$100 a day you'd have to be a great horseplayer just to break even. It's way easier for most people to follow other professional sports on TV, get information online for free, feel reasonably informed and understand the game, and make a few bets. It will cost them less and they'll lose less.
Racing is at a huge competitive disadvantage in a lot of ways, not least of which is the take. Racetracks need the take just to put on the show. Sports are making money off TV deals, merchandise sales, ticket and parking sales, food sales etc... Gambling is different revenue stream. The take can be, and is, much lower.
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"Unlearning is the highest form of learning"
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